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1/Long have #cryptoinvestors posited that blockchain protocols create “backend-less architectures” where the network replaces the traditional backend, and applications are built by businesses on top.
Value capture in this scenario remains a complicated topic. . . 👇
Value capture in this scenario remains a complicated topic. . . 👇
2/In 2016, I wrote about equity vs. token investments in scenarios where private companies develop highly decentralIzed networks.
blog.coinfund.io/blockchain-inv…
blog.coinfund.io/blockchain-inv…
3/The main takeaway was that value capture did not seem to happen ideally in equity. Traditional VC investors would have to consider whether owning tokens was a better exposure mechanism to protocols. Subsequently, many VCs adjusted to token investments and SAFTs.
